Technical market overview:
The GBP/USD pair has tested the short-term descending trendline support from above and the bulls tried to rally higher but were capped by the technical resistance located at the level of 1.2175 again. If they eventually break through this level, then the next target for them is located at the level of 1.2209 and then at 1.2248. The positive and strong momentum supports the short-term bullish outlook towards these levels.
Weekly Pivot Points:
WR3 - 1.2378
WR2 - 1.2273
WR1 - 1.2217
Weekly Pivot Point - 1.2114
WS1 - 1.2060
WS2 - 1.1953
WS3 - 1.1902
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2429. As long as the price is trading below this level, the downtrend continues.
